Last updated a year ago
Metera Protocol Liquidity Bootstrapping Staking Contracts
Problem
DeFi projects in Cardano lack the tools to incentivize liqudity, often relying on third-party platforms for staking and yield, limiting long-term sustainability.
Total to date
This is the total amount allocated to Metera Protocol Liquidity Bootstrapping Staking Contracts.
About this idea
[GENERAL] Name and surname of main applicant
Daniel Sampson[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Incorporated)[GENERAL] Requested funds in ada
92000[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)
3[GENERAL] Please indicate if your proposal has been auto-translated into English from another language
No[GENERAL] Summarize your solution to the problem (200-character limit including spaces)
We will provide open-source smart contracts that enable projects to offer staking for their Cardano Native Tokens (CNTs) helping them bootstrap liquidity and strengthen their ecosystem.
[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?
No[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”
No dependencies
[GENERAL] Will your project’s output/s be fully open source?
Yes[GENERAL] Please provide here more information on the open source status of your project outputs
The open source smart contract portion of the project will be available via this link when the Catalyst Proposal has been finalized.
MIT License.
[METADATA] Horizons
DeFi[SOLUTION] Please describe your proposed solution
Bootstrapping Staking Contracts allow projects to reward TVL and staking of tokens over a fixed period. Projects are able to provide a target amount of tokens staked and provide a limit of rewards to be distributed.
Rewards will be depleted organically as new stakes move the post closer to the goal.
Users create a Stake UTxO that records details like the staked amount, calculated rewards, and staking timestamp. Rewards can be claimed periodically throughout the staking duration.
The smart contracts state a limit of total rewards (K) of tokens, and staking remains active until a target amount of tokens staked (valued in ADA) is reached (J).
The rewards a user receives are based on the value of their deposit (amountToStake), measured in ADA, relative to the total amount deposited in ADA since the contract's launch (totalDeposited). The value of the tokens staked in the Stake UTxO is determined in ADA at the moment the staking action is performed. The formula for calculating rewards is:
Rewards can be claimed peridocally every "P" seconds, with each claim allowing:
where D is the total staking duration, during which withdrawals of the staked tokens are not allowed.
Parameters like total rewards (K), staking target (J), staking duration (D), and reward claiming period (P) are set in the contract, with the total deposited amount provided by theproject during each stake transaction.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
Bootstrap Liquidity: By providing open-source smart contracts for staking CNTs and NFTs, we enable projects to easily bootstrap liquidity.
Decentralization and Control: By utilizing open-source solutions, we promote transparency and decentralization.
Community Engagement: Staking encourages users to actively participate in the ecosystem by holding and using their CNTs and NFTs fostering community building.
Economic Growth: As projects gain liquidity and users are incentivized to stake their assets, the overall economic activity within the Cardano ecosystem will increase.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
Metera Protocol has been in the ecosystem for the past couple of years. We have conducted an ISPO with over 34M ADA staked and are currently in testnet thanks to our funded Catalyst 11 proposal.
Our main dev team is TxPipe Shops which is a reputable development company in the ecosystem.
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Design and Requirements
Outputs: Design document and requirements document.
Off-chain and On-chain Implementation
On-chain Implementation
Outputs: Stake transaction, Claim transactions, Checking that the redeemer was signed by the admin.
Testing with Lucid emulator traces
Outputs: Lucid emulator traces for different use cases/ scenarios, intagrated with Githbuh Cl.
Open Source documentation
Outputs: Full documentation on how to compilate the smart contracts
Final Report
[RESOURCES] Who is in the project team and what are their roles?
Daniel Sampson: https://www.linkedin.com/in/daniel-sampson-26966a225/
CEO and CoFounder of Metera
Entrepreneur and innovator in the web3 ecosystem with a strong background in traditional asset management.
Experience in marketing, project management and investor relations. Full Stack developer in progress.
Carlos Ernesto: https://www.linkedin.com/in/ernesto-sampson/
COO and Founding Team Member of Metera Protocol. Business manager and strategist. With experience in the creation, development and administration of projects. Experience in planning, management, and daily operation of Fintech and Crypto projects.
Deep interest in new technologies and passionate about making things happen.
Mahadi Abuhuraira: https://www.linkedin.com/in/mamt4real
Before joining Metera, my career focused on Web2 projects, particularly building web applications using technologies like React, Express, MongoDB, and Firebase. I enjoyed full-stack development and solving traditional web development challenges. My first foray into Web3 began when I joined Metera Protocol. I was intrigued by how blockchain could revolutionize finance by offering greater transparency, security, and user control.
Lawal Musa: https://www.linkedin.com/in/musalawal04/
As a Computer Scientist, I have a background in both content creation and project management, specializing in producing high-quality, engaging content tailored to both technical and non-technical audiences. My experience includes coordinating between stakeholders, such as developers, designers, and product owners, to align project goals with business objectives.?
TxPipe Shops:
Has provided a third party development T&M team to Metera Protocol for the past year. In case of receiving funding through this proposal we will continue working alongside TxPipe Shops as our main development partner. Which includes developers like Manu Gunther and Nicolas Ludueña.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
Milestone 1: Design and Requirements (0.5 months)
Resources:
- Full Time Full Stack Developer - 15,000ADA
Total: 15,000 ADA
Milestone 2: Off-chain and on-chain Implementation (1 month)
Resources:
- Full Time Full Stack Developer - 30,000 ADA
Total: 30,000 ADA
Milestone 3: Testing (0.5 month)
Resources:
- Full Time Full Stack - 15,000 ADA
Total: 15,000 ADA
Milestone 4: Open Source Documentation (0.25 months)
Resources:
- Full Time Full Stack - 7,500 ADA
Total: 7,500 ADA
Final Milestone: Documentation and Final report (0.25 months)
Resources:
- Project Management (2 weeks) - 2500 ADA
Total: 12,500 ADA
Project Total before adjustment: 80,000 ADA
ADA ADJUSTED FOR FLUCTUATION AND EXTRA EXPENSES: (126,500 x 1.15) = 92000 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Funding this project will help accelerate the inclusion of robust financial instruments needed for the broader adoption of the Cardano ecosystem in the rapidly growing DeFi ecosystem.
